Belt and Road provides glowing example of growth
Updated: 2016-09-27 10:00
By LUO WEITENG(China Daily)
|
|||||||||
Stretching across Eurasia and Africa, with its huge ribbon of newly-developed infrastructure, the high-profile Belt and Road Initiative stands out as a refreshing example of growth for manufacturers and producers in China's energy-guzzling heavy industries-that are grappling with the thorny issue of overcapacity at home-analysts said.
The infrastructure-hungry nations along the route may generate enormous demand for industrial metals and energy, said Zhu Yi, a Hong Kong-based analyst at Bloomberg Intelligence.
For Asia alone, the region's infrastructure financing needs will reach an estimated $8.2 trillion or even more from 2010 to 2020, with about $4 trillion to $6 trillion in investments going to countries and regions covered by the Belt and Road strategy, according to the Asian Development Bank.
"Experience shows that every 100 million-yuan ($15 million) of spending on railway construction can contribute as much as 3,000 metric tons to steel demand," said Wu Yuetao, senior researcher at government think tank China Center for International Economic Exchanges.
India, Brazil and the African countries, in particular, are set to take the torch of progress from China with a growing appetite for steel and other basic materials in the construction of infrastructure projects.
This may deliver some respite to the overcapacity woes in China, which is facing the daunting task of slashing steel production capacity by up to 150 million tons by 2020, said Zhu.
Related Stories
Belt and Road Initiative supports firm's sales 2016-09-05 08:46
China's Belt and Road Initiative to stimulate Asian, global economic growth: Bangladesh economist 2016-09-07 15:32
Belt and Road initiative 'a new step in globalization': former French PM 2016-09-09 09:17
Belt and Road Initiative has 'surpassed expectations' 2016-09-26 13:46
Vice Premier urges efforts to promote Belt and Road Initiative 2016-09-13 17:37
Today's Top News
Renminbi use surges in London in spite of Brexit
The meeting of Two Pagodas in Kew Gardens
Kids in tow, Prince William starts Canadian tour
Dancing and drinking during Munich Oktoberfest
ODI led for first time by private firms
Nanjing's culture and creativity on display in London
State of emergency declared in US city amid protests
Universities given boost in rankings
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Hollywood snaps up rock star's dog film |
Chinese people welcome dispossessed |
The can-do generation to the fore |
Riding the wave |
Leisure giants buoy cruise market |
She followed her heart |